Sensex Climbs On Hopes Of End To Political Crisis

Equities at the Bombay Stock Exchange (BSE) recorded moderate gains yesterday on reports of an imminent leadership change in the United Front. The Sensex closed the day at 3647.44, up 57.72 points over the previous close of 3589.72.

Marketmen said the activity in most scrips was purely speculative except for ITC, MTNL and a select few pivotals, where FIIs were reported to have made purchases. Also, short positions created on Saturday following the collapse of the UF government were covered yesterday.

Sources said the announcement of the credit policy did not have any major impact on the markets. The Sensex edged up marginally after the announcement, but immediately shed the gains on account of profit taking.

 

The Sensex started the day at 3605.06, also the intra day low, touched a high of 3649.86 towards the fag end of the day before ending the day at 3647.44.

Sources said that the stocks of ITC and MTNL attracted lot of FII buying as well as speculative activity and registered turnovers of Rs 195.81 crore and Rs 17.83 crore. ITC ended the day at Rs 412.50, up Rs 20 over the last close while MTNL at Rs 277.75 gained Rs 8.25. SBI recorded a turnover of Rs 187.7 crore and the scrip gained Rs 16 over the previous close to end the day at Rs 277.75. Also among the gainers were ACC at Rs 1370 (+Rs 22.25), HDFC at Rs 2935 (+Rs 49.75) , Gujarat Ambuja at Rs 283.25 (+Rs 9.50) Reliance at Rs 268 (+Rs 4.50) Among the losers in the A-group were Bajaj Auto at Rs 933 (-Rs 6.75) and BSES at Rs 215.50 (-Rs 5).

Among the B1 software scrips, Infosys Technologies at Rs 1223.75 (+Rs 38),Tata Infotech at Rs 556.50 (+Rs 50.25) Satyam Computers at Rs 64.50 (+Rs 4.50) were gainers. Our financial bureau